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During the past two decades, few industries outside Silicon Valley have taken off as quickly as assisted living, which has grown from a nascent concept to an $18.6 billion industry that cares for about 1.25 million of the country’s elderly and disabled. By research, 13 percent of the U.S. population in the 65-pand-polder age group, and with the 76 million baby boomers approaching retirement, the need for home-pbased health care in the United States is rising.
So far, assisted living is still a fragmented industry, which is populated by thousands of small and medium-sized companies, many privately held and none with a substantial share of total industry sales. Low entry barriers allow small firms to enter quickly and cheaply, and compete on an equal cost footing with larger firm. Senior service demand is so large and so diverse that it takes very large numbers of firms to accommodate residents’ requirements.
With the intensifying competition, some experts predict that in the next 20 years, assisted living will transit into its maturity life cycle, which is characterized by constantly emerging industry leaders, acquisition and consolidation among competitors.
CarePatrol is not only the leader in Assisted Living Placement (10 times larger than our nearest franchise competitor), but we are well positioned to continue to be that leader for many years to come.
8,357,100 People Need Care
Annually 8,357,100 people receive support from the 5 main long-term care service; home health agencies (4,742,500), nursing homes (1,383,700), hospices (1,244,500), residential care communities (713,300) and adult day service centers (273,200).
By 2050, the number of individuals using paid long-term care services in any setting (e.g., at home, residential care such as assisted living, or skilled nursing facilities) will likely double from the 13 million using services in 2000, to 27 million people. This estimate is influenced by growth in the population of older people in need of care.
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